Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0022%/8h= −2.4% APRpaid last 24h −0.052%

Price spread now: Phemex against Backpack−0.011%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.216%−$22 on $10k

Price spread, last 4 days (all we have)−0.188%−$19 · spread now −0.011%, 7d avg +0.012%

Together, before fees−0.405%−$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.024% cheaper against Backpack than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BNB_USDC_PERP	788.71	0.0100	pay 0.0013% / 1h	43m 41s	$2.2M	$6.1M	40x
Short	Phemex BNBUSDT	788.62	0.0078	get 0.0078% / 8h	5h 43m	$69.0M	$51.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee PhemexbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$4.66
Price spread: −0.011% → +0.012%: −$2.36
Slippage, 4 orders: −$6.67
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$35.68
Costs to cover: 0.287%
Break-even: never at this rate

Slippage from Backpack: live order book, just now; Phemex: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack live order book, just now	0.06 bp	5.3 bp −$5	9.6 bp −$96	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.08 bp	8.4 bp −$8	8.9 bp −$89	13.2 bp −$1,324	doesn't fit

BNB on 46 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX BNB/USD [WBTC.b-USDC]	L −0.0167% / S +0.0335%	1h	787.82	−0.113%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.62	−0.011%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.83	+0.015%	$852K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	787.90	−0.102%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.077%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0040%	8h	788.94	+0.029%	$6.2M	$18.7M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	788.47	−0.030%	$619K	$1.8M	50x	as long as short
BingX BNB-USDC	+0.0055%	8h	788.55	−0.020%	—	$13.3M	—	as long as short
MEXC BNB_USDT	+0.0072%	8h	789.90	+0.151%	$80.3M	$12.4M	200x	as long as short
Binance BNBUSDT	+0.0073%	8h	789.67	+0.122%	$494.1M	$806.4M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTshort	+0.0078%	8h	788.62	−0.011%	$69.0M	$51.0M	50x
Variational Omni BNB	+0.0078%	8h	787.81	−0.114%	$4.1M	$4.7M	—	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	788.20	−0.064%	$2.5M	$1.2M	50x	as long as short
Gate BNB_USDT	+0.0095%	8h	788.50	−0.027%	$35.3M	$56.8M	75x	as long as short
Lighter BNB	+0.0096%	1h	789.15	+0.056%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.18	−0.067%	$265K	$498K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.05	−0.084%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.51	+0.101%	$51.7M	$18.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.18	+0.060%	$1.2M	$909K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.82	+0.014%	$138.7M	$77.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.80	+0.011%	$53.5M	$112.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.20	+0.062%	$52K	$130K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.72	+0.001%	$27.7M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.70	−0.001%	$76.9M	$30.0M	75x	as long as short
Backpack BNB_USDC_PERPlong	+0.0100%	1h	788.71	long leg	$2.2M	$6.1M	40x
edgeX BNBUSDC	+0.0100%	4h	788.59	−0.015%	$4.1M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.14	+0.055%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.12	−0.075%	$137K	$944K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.43	−0.036%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.84	+0.017%	$12K	$1.6M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.25	−0.058%	$8.1M	$9.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0103%	8h	789.71	+0.127%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.34	−0.047%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.31	−0.050%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	788.34	−0.047%	$169K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0122%	8h	788.59	−0.015%	$2.9M	$28.3M	10x	as long as short
SoDEX BNB-USD	+0.0155%	1h	788.30	−0.052%	$388K	$1.0M	10x	as long as short
Kalshi KXBNBPERP	+0.0183%	8h	788.70	−0.001%	$90K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0192%	8h	789.08	+0.047%	—	$2.3M	75x	as long as short
dYdX BNB-USD	+0.0244%	1h	788.96	+0.031%	$160K	$63K	10x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	788.77	+0.008%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	787.90	−0.103%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0361%	1h	788.64	−0.009%	$1.1M	$1.0M	20x	as long as short
Bulk BNB-USD	+0.0373%	1h	788.05	−0.083%	$638K	$13K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	788.71	0.000%	$1.5M	$152K	25x	as long as short
Hibachi BNB/USDT-P	+0.0576%	1h	788.28	−0.054%	$67K	$38K	12x	as long as short